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Hi All,
I have a question related to the filing of the TD F 90-22.1 (FBAR form) also avlb on the IRS website, which seems to be a requirement if the balance in foregin bank account > 10k at any time during the last tax year. Has anyone filled out and submitted this form by any chance?
It seems to be a requirement and the deadline for this is Jun 30,2012. What I wanted to know is we need to report income in foregin bank account as of 12/31/2011 or is it only during that calendar year (i.e. 01/01/2011 to 12/31/2011). So lets say if I have made remittances into my foreign NRE account during fiscal year 2011 (timeframe from 1/1/2011 to 12/31/2011) and if the total remittance value is > 10k, then it needs to be reported. Is that how it is ? i.e. it applies only within the fiscal year....
Any inputs into this will be highly appreciated..thanks
I have a question related to the filing of the TD F 90-22.1 (FBAR form) also avlb on the IRS website, which seems to be a requirement if the balance in foregin bank account > 10k at any time during the last tax year. Has anyone filled out and submitted this form by any chance?
It seems to be a requirement and the deadline for this is Jun 30,2012. What I wanted to know is we need to report income in foregin bank account as of 12/31/2011 or is it only during that calendar year (i.e. 01/01/2011 to 12/31/2011). So lets say if I have made remittances into my foreign NRE account during fiscal year 2011 (timeframe from 1/1/2011 to 12/31/2011) and if the total remittance value is > 10k, then it needs to be reported. Is that how it is ? i.e. it applies only within the fiscal year....
Any inputs into this will be highly appreciated..thanks
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